Nigeria: Deposit Insurance Corporation Declares Fresh N24.3bn Dividend for Heritage Bank Depositors

The Nigeria Deposit Insurance Corporation (NDIC) has announced the second payment of N24.3 billion liquidation dividend to depositors of failed Heritage Bank Limited

NDIC had declared the first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00. The amount was paid on a pro-rata basis to depositors whose account balances exceeded the statutory insured limit of N5 million at the date of closure.

Subsequently, the corporation stated that it has continued to pursue the recovery of assets to facilitate further reimbursement to eligible depositors.

"It is in continuation thereof that the NDIC has now declared a second liquidation dividend of N24.3 billion," NDIC said in a statement on Sunday.

The amount, the NDIC said, is derived from debt recovery, the sale of physical assets, and the realisation of investments, and will be applied to the payment of uninsured balances for depositors with funds exceeding the N5 million insured limit.

The second liquidation dividend is payable at a rate of 5.2 kobo per N1.00 on outstanding balances, in accordance with Section 72 of the NDIC Act 2023. This brings the cumulative liquidation dividend declared to date to 14.4 kobo per N1.00.

The deposit insurer stated that payments will be made using depositors' details already in the NDIC records.

"Eligible depositors, who previously received the insured sum and the first tranche of liquidation dividends, will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN). Depositors are advised to check their accounts for confirmation," it stated.

Depositors without alternative bank accounts, BVNs, or who have not claimed their insured sum of up to N5 million or the first liquidation dividend are asked to visit the nearest NDIC office or complete the e-claim form available on its website.

NDIC assured the public that this payment represents only the second liquidation dividend.

It stated that additional payments would be made, subject to the realisation of assets and collection of outstanding debts. The Corporation remains committed to the timely recovery of all outstanding obligations and the prompt reimbursement of depositors.

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